Financial Performance - Fresenius Medical Care achieved strong organic revenue growth of 7% in Q2 2025, supported by all operating segments[9] - Operating income grew by 13% at constant currency, driving margin expansion[9] - Operating cash flow improved significantly by 75%[9] - The net leverage ratio improved to 2.7x[9] - Q2 2025 revenue reached €4792 million, a 5% increase at constant currency and 0.5% as reported, with 6.7% organic growth[22] - Operating income excluding special items was €476 million, up 12.9% at constant currency and 9.2% at current rates[24] Segment Performance - Care Delivery revenue was €3381 million, with 3.4% organic growth in the U S and 4.5% internationally[31, 34] - Value-Based Care revenue increased to €506 million, a 28.4% increase at constant currency[36] - Care Enablement revenue reached €1348 million, with 3.4% organic growth[43] Cash Flow and Debt - Operating cash flow increased to €775 million in Q2 2025, a 75% improvement[48] - Free cash flow rose to €628 million, a 117% increase[48] - Total net debt and lease liabilities decreased to €9315 million[48] Outlook - Fresenius Medical Care confirmed its FY 2025 outlook, projecting positive to low-single digit percent revenue growth and high-teens to high-twenties percent operating income growth, both at constant currency and excluding special items[9, 55]